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Kotick Sells More Activision Shares, Gains $17 Million
by Leigh Alexander [PC, Console/PC]
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November 18, 2009
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As Activision announces a $550 million five-day gross for Call of Duty: Modern Warfare 2, CEO Bobby Kotick is again exercising his stock options, selling 1.68 million shares for a total of about $17 million.
This is the second time in recent days Kotick has sold shares; last week, he netted himself $20 million on the day of Modern Warfare 2's launch.
A large quantity of stock vested for the CEO in 2000, when the options were valued at the comparatively meager price of $1.035 per share -- Kotick sold this latest round for prices ranging from from $11.61 to $11.72 per share, according to an SEC filing.
This August, when Activision was trading slightly higher, at $12.44, Kotick sold a volume of 2 million shares and brought in nearly $25 million gross.
Activision shares (NASDAQ: ATVI) rose slightly this morning to $11.78, alongside the company's announcement of Modern Warfare 2's five-day sales achievement -- although Kotick said at the same time that the company's still cautious about consumer spending heading into the holidays.
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